Ikeja- The Lagos State Government on Wednesday said that it realised N6.28 billion from land use charges in 2012.
Tokunbo Abiru, the state Commissioner for Finance, announced this in Ikeja at a media briefing to mark Gov. Babatunde Fashola`s sixth year in office.
The News Agency of Nigeria (NAN) reports that the current land use charges were introduced following the harmonisation of the various charges on land in 2001.
The existing charges are the tenement rate, development rate, ground rent and the neighbourhood improvement charge.
"The state realised N6.28 billion from land use charges in 2012.
"The amount is an improvement over the N250 million recorded in 2008.’’
Abiru said that the comprehensive billing approach being adopted by the state government had helped to shore up its revenue profile.
"The adoption of comprehensive billing of enumerated property greatly helped to push up our revenue in 2012.
"Out of a total number of 641 132 property enumerated across the state, 622 155, representing 97 per cent,were billed.
"The outstanding 18 977 billable property, which mainly are raw records yet to be processed, but not exempted from payment are now receiving due attention.’’
The commissioner expressed optimism that more revenues would be earned from land use charges this year going by the records of the Lands Company Ltd.
Abiru appealed to residents to uphold the tradition of paying their land use charges promptly, saying it will enable the government to deliver more dividends of democracy.
On pensions, the commissioner disclosed that N18 billion had been paid by the state government to retirees in the last five years.
Abiru said that N671 million had also been paid by the state`s underwriters as compensation to the dependants of 183 deceased workers.
On the funding of the ongoing projects, he said three tranches of bonds valued at N275 billon had been issued by the state government to finance the projects.
The commissioner, who recalled that the state recorded 89 per cent budget performance in 2012, said the 2013 budget of N499.6 billion was being funded in a bid to achieve set goals.